Since the large number of substation metering devices and the complex wiring, the troubleshooting work of meter secondary circuit is very difficult. To overcome this problem, meter faults are analyzed and a fault identification method is proposed. In order to ensure the objectivity and comprehensiveness of failure analysis, the common types of failure are summarized based on actual operating data, and the functions of normal power and fault power of three-phase four-wire and three-phase three-wire meter are deduced by phasor diagrams. In order to improve the efficiency of site investigation work, based on electricity meter data, the fault is anticipation, which means that the fault meter and fault type are found before the site investigation. Finally, a numerical example is presented to verify the validity of the method.